The global Connected Agriculture Market size is expected to grow from USD 1.8 billion in 2018 to USD 4.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period. Growing need to increase farm yield and reduce labor, government initiatives to deploy modern agricultural techniques, and rising pressure to meet the global demand for food are some of the major factors driving the growth of connected agriculture market.
The pre-production planning and management segment is expected to hold a larger market size in the global connected agriculture market during the forecast period
Inefficiencies in planting, weather uncertainty, pests and disease outbreaks, rising labor costs, and other intangible problems have put farmers in a situation where they are desperately looking out for solutions backed up with emerging technologies. Pre-production planning and management involve the use of connected agriculture solution to analyze and correlate information about field, crop, types of seeds, types of soil or infestations, weather, and manage variations in the field to grow more crops using fewer resources with less production cost. Hence, the pre-production planning and management segment is expected to hold the largest market size during the forecast period.
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The services segment is expected to grow at the fastest CAGR during the forecast period
Connected agriculture services is gaining popularity worldwide owing to its extensive benefits in increasing farm productivity. Connected agriculture services have a wide scope of usage, ranging from feasibility analysis, strategy and implementation, and valuations and development of farm, to crop selection and weather monitoring. This has created opportunities for vendors to provide services to farmers and help them improve their limited knowledge by fulfilling a technological gap.
The major connected agriculture vendors include IBM (US), Microsoft (US), AT&T (US), Deere & Company (US), SAP SE (Germany), Accenture (Ireland), Cisco (US), Oracle (US), Iteris (US), Trimble (US), SMAG (France), Ag Leader Technology (US), Decisive Farming (Canada), Gamaya (Switzerland), and SatSure (UK). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global connected agriculture market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2015 to 2018, which have helped them innovate their offerings and broaden their customer base.
IBM is one of the leading players, offering solutions for supporting the growing need to leverage big data and cognitive capabilities for making informed decisions in farming. The company offers Watson Decision Platform to its global clientele for leveraging the benefits of connected agriculture. The solutions help customers analyze real-time data, improve the yield, and minimize risks. IBM has built a strong brand value in the technology space, catering to its clientele across different industries. The company’s inorganic growth strategy is aimed at having a competitive advantage in the highly competitive technology marketspace. For instance, in June 2018, The Weather Company, an IBM business, partnered with one of the leading Indian agro startups, AgroStar. The partnership aims at transforming the agriculture operations in rural parts and enables farmers to make decisions for increasing their productivity.
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Microsoft is another leader offering connected agriculture platforms, solutions, and services. The company is recognized for its diversified product and service offerings. The digital agriculture services offered by Microsoft help farmers or growers improve productivity and address sustainability issues. The company develops unique solutions to solve farmers’ problems using low-cost sensors, drones, and machine learning algorithms. Microsoft has witnessed substantial inorganic growth in the intelligent connected segment with the acquisitions of emerging AI companies, such as Genee (US) and SwiftKey (UK). The company has also adopted partnerships and collaborations as its key growth strategy to grow in the connected agriculture market. For instance, in January 2017, Microsoft India has collaborated with the International Crops Research Institute for Semi-Arid Tropics (India) to develop a sowing app.
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